The most opportune timing for the ROC to apply for Trans-Pacific Partnership (TPP) membership is after the accord takes effect, the Ministry of Economic Affairs (MOEA) stated today. The nation can then apply to join the second round of negotiations.
The TPP could come into force by the end of 2016, the ministry stated. In the meantime, the ROC must enhance its lobbying of TPP members, securing their support for the nation's entry by demonstrating its readiness, willingness and ability to reach the partnership's high standards.
The MOEA made these remarks at the twelfth meeting of the Cabinet-level task force on international trade and strategic alliances and eighth meeting of the ad hoc task force on the TPP and Regional Comprehensive Economic Partnership (RCEP), convened by Vice Premier Chang San-cheng.
The U.S. Trade Promotion Authority bill for the TPP could be passed in July 2015 and an agreement on the TPP reached the following month. Subsequently various member nations will duly complete their domestic legal processes, and the TPP is expected to become effective by the end of 2016.
Chang asked the MOEA to continue to provide relevant ministries and agencies information gathered by the nation's overseas representative offices abroad on the negotiation progress of the TPP. He also enjoined various ministries and agencies to have a full grasp of the latest developments of the issues under their jurisdictions while continuing to enhance communication with the public.
The Executive Yuan stated that trade liberalization agreements like the TPP involve far higher-tier aspects than traditional free trade agreements, which primarily place emphasis on reducing customs tariffs. Given the need to adjust domestic laws and regulations in order to comply with trade liberalization agreements, the Executive Yuan has enjoined various competent agencies to conduct impact assessments on noneconomic factors—such as employment, income distribution, security, society, the environment and culture—and formulate complementary response measures to mitigate these impacts.
In addition, the vice premier was briefed on the progress made in communication with the public on the TPP as well as the enforcement of the Agreement between Singapore and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Partnership (ASTEP).
Vice Premier Chang enjoined competent agencies to thoroughly execute the ASTEP and its relevant supplementary content. The MOEA noted that the ASTEP is the first economic pact the ROC has signed with a Southeast Asian country. It is a major step toward regional integration and the national policy goal of linking the Asia-Pacific and making global deployments. The cooperation of various ministries is needed to maximize the effects of ASTEP execution, the ministry stated.